French vegetable processor Bonduelle has booked an increase in full-year earnings, with sales growth outside of Europe offsetting weakness on the continent while cost cutting initiatives and lower financing costs boosted the bottom line.

The company said net income rose 53.6% EUR46.7m (US$60.4m) in the 12 months to 30 June, up from EUR30.4m last year. Operating profit rose 42.5% to EUR98.2m, towards the top end of Bonduelle’s guidance range.

During the period Bonduelle confirmed sales rose 2.4% to EUR1.76bn.

A clear divide between Bonduelle’s performance in Europe and outside of the continent has emerged.

The group recorded 13.9% sales growth outside Europe for the year, against a 1.4% decline on the continent, while margins were 11.3% of sales outside of Europe and just 3.6% of sales in European markets. Activities outside Europe accounted for more than 27% of sales over the year.

Looking to the coming year, Bonduelle said it expects sales to rise 8% – largely thanks to gains from recent acquisitions. Operating profit is expected to increase 5-10% in the fiscal year to a range of EUR105-110m.

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